For now get what you feel comfortable with.
To counter that, ride smart.
(Well yes you should always ride smart but ride smart now and it will carry with you even when you get your top of the line gear that you reallllly want.)
You have gotten some great suggestions. New Enough is a great place to shop. Also look into last years models. My leathers (Joe Rocket Trixies) were about $500 bucks as a set in 2006. I waited and the jacket dropped down to $115, i scopped that up. Waited a little bit and the pants hit $100, I got that, in 2007. $215 was alright with me
Before I got the leathers I got a jacket that had the back pad, elbow and shoulder guards. It was textile, I think it was like... $90. I didn't have riding pants at first but after my first go down I got myself some Franklin Thomas textile pants.
Always check Clerance. Sometimes it is just because they have a 'newer' style.